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Stocks to Buy: CESC Alpha Trade Recommendation

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At Bajaj Broking, we continuously strive to provide our clients with strategic and profitable trading opportunities. This time, we are excited to recommend CESC (CMP: 175) as our alpha trade recommendation with a time horizon of 35 days. This blog will provide a comprehensive analysis and the rationale behind this recommendation.

Recommendation Details:

  • Stock: CESC
  • Current Market Price (CMP): 175
  • Recommended Range: 172.00-175.50
  • Target: 192
  • Stoploss: 161
  • Upside: 11%
  • Duration: 35 Days

Why CESC?

  1. Technical Breakout:
    • CESC has recently generated a breakout above the last 8-session trading range (176-164), signalling a resumption of the upward move. This breakout offers a fresh entry opportunity for investors.
  2. Support and Resistance Dynamics:
    • The stock is showing buying demand emerging after forming a base at the 50-day EMA and the previous major breakout area. This indicates a change of polarity, where the previous trendline resistance is now acting as support, highlighting a favourable risk-reward setup.
  3. Historical High Target:
    • We expect CESC to head towards 192 levels in the coming month, aligning with its previous all-time high of June 2024. This target provides an attractive upside potential of 11% from the current levels.
  4. Positive RSI Signal:
    • The daily 14-period RSI has generated a buy signal, moving above its nine-period average. This validates the positive bias in the stock and supports the bullish outlook.

About CESC Limited:

CESC Limited, part of the RP-Sanjiv Goenka Group, is a leading power utility company in India. It is primarily engaged in the generation, transmission, and distribution of electricity. CESC serves millions of customers across Kolkata, Howrah, and other parts of West Bengal. The company operates through various subsidiaries and has a significant presence in renewable energy. With a strong commitment to sustainability and innovation, CESC continues to play a crucial role in India's power sector.

Conclusion:

Investors looking for a promising opportunity can consider CESC, with its strong technical indicators and favourable risk-reward setup. The breakout above the recent trading range, coupled with the support from the 50-day EMA and the RSI buy signal, makes CESC a compelling buy. With a target price of 192 and a duration of 35 days, this recommendation aligns with our objective of providing strategic alpha trades.

Our track record demonstrates a high success rate with a strike rate of 81% and an average return of 9%. This reinforces our confidence in the current recommendation for CESC.

Stay tuned for more insights and trade recommendations from Bajaj Broking. Happy investing!

Note: All values are mentioned as of August 1, 2024, 10:00 AM.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

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The information on this website is provided on "AS IS" basis. Bajaj Broking (BFSL) does not warrant the accuracy of the information given herein, either expressly or impliedly, for any particular purpose and expressly disclaims any warranties of merchantability or suitability for any particular purpose. While BFSL strives to ensure accuracy, it does not guarantee the completeness, reliability, or timeliness of the information. Users are advised to independently verify details and stay updated with any changes.

The information provided on this website is for general informational purposes only and is subject to change without prior notice. BFSL shall not be responsible for any consequences arising from reliance on the information provided herein and shall not be held responsible for all or any actions that may subsequently result in any loss, damage and or liability. Interest rates, fees, and charges etc., are revised from time to time, for the latest details please refer to our Pricing page.

Neither the information, nor any opinion contained in this website constitutes a solicitation or offer by BFSL or its affiliates to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service.

BFSL is acting as distributor for non-broking products/ services such as IPO, Mutual Fund, Insurance, PMS, and NPS. These are not Exchange Traded Products. For more details on risk factors, terms and conditions please read the sales brochure carefully before investing.

Investments in the securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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